Accounting For Landlords Using Xero

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Accounting for Landlords

for Property owners is a necessary yet challenging task.  The level of accounting for landlords or property owners that is needed is often minimal and often with these investments being passive investments the time available by the owner is minimal.  The time that can be needed to stay ahead of this administration can be significant however, and in the past, given the lack of tools to simplify this task, has been a manual and tedious task. Enter Xero.  With Xero you can take advantage of cloud accounting technology to simplify and automate your administrative tasks and have always up-to-date information on your portfolio.

Below are just some of the many steps in the process that can be automated and greatly simplified by the use of Cloud Accounting Software such as Xero:

  1. Secure and Automatic import of Bank Data for all accounts (Bank Accounts, Credit Cards and even Mortgages) – No more manual entry.
  2. Create Bank Rules to Auto Allocate recurring transactions
  3. Automatically send monthly invoices and statements to tenants
  4. Automatically follow up on overdue rental payments at predefined points in time or even reminders for specific tenants
  5. Always Up-to-Date Summary or Rental Income, Major Expenses, Mortgage Liabilities and Equity
  6. The ability of saving Rental Contracts and all expense documentation in your accounting software to remain tax compliant
  7. Where reporting is necessary per property, tracking codes can be set up to report individually.
  8. Giving You, and your Accountant, access to the system from anywhere and on any device with an Internet connection.

See below for a general overview of the benefits of using Xero

At CFO360 we can assist you with either an initial set up, compliance only or complete accounting solutions using award winning Xero Accounting software for your Property Portfolio.  With fixed-price monthly packages you can rest assured that all your compliance and reporting will be taken care of with the least amount of effort from your side.

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